Annie Leibovitz 'downsizes' to

1.25M New York apartment five months after selling her

Celebrity photographer Annie Leibovitz has purchased a $11.25million apartment in Manhattan's Upper West Side, downsizing from her prior residence - a West Village townhouse which she sold in January for $28.5million.

The three-bedroom, three-and-a-half-bath duplex is located in a pre-war building on Central Park West.

The co-op building, which has 48 units, is also home to Robert DeNiro and was the previous residence for Sting and his wife Trudie Styler.

Exterior view: Annie Leibovitz's new Central Park West apartment is in the same building as Robert De Niro's home

Downsizing: Ms Leibovitz purchased the three-bedroom duplex for $11.25 million - far less than the townhouse she just sold for more than $28million

Ms Leibovitz, 63, bargained the property down from its original listing price of $14.5million, and officially purchased it approximately three weeks ago after the property had been on the market for nearly six months

Her new home includes sweeping views of Central Park, and an overall classic pre-war feel.

Icon: Ms Leibovitz is best known for her portraits of celebrities such as a Nicole Kidman, Brad Pitt, a pregnant Demi Moore

The apartment boasts a formal dining room, a large living room, and an eat-in kitchen.

Its top floor is accessible by a spiral staircase which leads to a master bedroom and two smaller chambers.

Ms Leibovitz's move uptown from her previous West Village address represents a turning leaf in her troubled finances, reports the New York Post.

The famous photographer, who frequently shoots for Vanity Fair and Vogue, was reported to be $24million in debt in 2009. She eventually reached a long-term agreement with a California-based private investment firm, which helped manage her debt and market her vast portfolio.

A source told the paper: 'She’s made great progress on reducing her debt. Moving from a $30 million home to an $11million home is called downsizing. She is being responsible — and she continues to do great work at the highest levels.'

In January this year, Ms Leibovitz finally sold her 10,200-square-foot townhouse to Lauren Bush and David Lauren for $28.5million.

The home is actually three townhouses that Ms Leibovitz had conjoined together - the construction costs of which reportedly tucked her even deeper into debt.

She had used one townhouse for living, one for office space and one as guest quarters. The trio of properties all surround a slate patio and private courtyard garden.

The brick buildings, which Ms Leibovitz began assembling in 2002, date back to the 1830s, and include a total of seven bedrooms, five-and-a-half bathrooms, and 13 fireplaces in all.

Million dollar mansion: Ms Leibovitz's old compound, which she sold for $28.5million in January 2014, is composed of three separate townhouses - one for living, one for office space and one as guest quarters

Touching upon Ms Leibovitz's recent financial troubles that almost laded her in bankruptcy, a source told Page Six at the time of the sale: 'This deal is another step toward her financial recovery. It is another step in the right direction.'

Ms
Leibovitz is best known for her portraits of celebrities such as a Nicole
Kidman, Brad Pitt, a pregnant Demi Moore, and even the Queen.

However in 2009, she
was sued over a dispute over the terms of a loan repayment that
involved her townhouses and photo archives, which creditors claimed she
had put up as collateral, and saw her narrowly miss having to file for
bankruptcy.

A breach of
contract lawsuit was filed against Ms Leibovitz by Art Capital Group for
$24 million regarding the repayment of a $15.5million loan that she
took after experiencing multiple financial challenges.

In a short matter of time Ms Leibovitz lost
her
father, mother, and her long-time partner, Susan Sontag, while
simultaneously welcoming twins into her family, and bankrolling the
renovation of her three
West Village properties.

However
Art Capital Group withdrew its lawsuit against Ms Leibovitz a few
months later in 2009 and extended the due date for repayment of the $24
million loan.

The compound's sale is said to have likely covered a majority of what Ms Leibovitz had to still repay.